ISLAMABAD: Pakistan, Saudi Arabia Investment Forum began on Monday in Islamabad as the host country aims for massive investment from the kingdom in different sectors to boost the economy.
The Saudi government and businesses view Pakistan as a top priority for economic, investment, and business opportunities, according to Saudi Deputy Investment Minister Ibrahim Almubarak.
He said this during the Pakistan Saudi Arabia Investment Conference, which kicked off today in Islamabad and runs for two days.
According to the Saudi Deputy Investment Minister, Pakistan’s natural resources, geography, and population all contribute to the country’s belief in its economic potential.
He declared that Saudi Arabia’s principal strategic ally is Pakistan. He stated that we hope to see Pakistan as one of our top foreign partners, referring to the close bonds between us that are based on a similar faith, culture, and set of values.
Ibrahim Almubarak mentioned that Saudi Arabia is home to about two million Pakistanis who have contributed significantly to the Kingdom’s Vision 2030.
Speaking at the moot, Finance Minister Muhammad Aurangzeb reaffirmed the government’s pledge to support the private sector to the fullest extent possible to move the nation toward growth driven by exports. According to him, the government is concentrating on attracting FDI to support several industries.
The finance minister gave a summary of the state of the economy in the nation and said it is headed in the right direction. Due to bumper crops of wheat, rice, and sugarcane, the GDP of agriculture is expanding at a rate of 5%.
He expressed confidence that the nation’s current account deficit for this fiscal year will be under $1 billion.
“Our foreign exchange reserves have increased to nine billion dollars,” the speaker declared.
According to him, the local currency has been steady over the past ten months, and the rate of inflation has decreased to about 17%. He said that the Pakistan Stock Market is seeing foreign investment as well.
According to the Finance Minister, Pakistan wants to continue structural reforms and macroeconomic stability through a longer-term, more comprehensive agreement with the IMF. He stated that an IMF team to discuss the details of the new program is anticipated in Pakistan over the next seven to ten days.
He said the government will also accelerate the privatization process.
Petroleum Minister Musadik Masood Malik stressed in his speech that Saudi Arabia’s and Pakistan’s private sectors have to cooperate to advance toward economic diversification and value addition. He predicted wealth for both nations as a result.
He underlined the need for cooperation between the two nations in several areas, such as agriculture, tourism, and mining and minerals. According to him, the private sectors in Saudi Arabia and Pakistan ought to be involved in infrastructure development since it is essential to releasing the resources and riches of both nations.
A fifty-member high-level business delegation from Saudi Arabia is attending the conference to explore investment opportunities in different sectors as well as to forge strong bonds with local entrepreneurs.
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